The assignment of the final rating follows the receipt of documents conforming to information already received. The final rating is in line with the expected rating assigned on 14 September 2012.

Nan Fung's ratings reflect its established brand name, and strong liquidity and financial profile. It has over 45 years of experience in high-end residential and commercial real estate development in Hong Kong.

For its financial year to March 2012, Nan Fung remained in net cash position and maintained strong liquidity; it had cash of HKD11.9bn against short-term bank borrowings of HKD2.3bn. Its liquid financial investment portfolio of HKD19.6bn and unutilised committed banking facilities of around HKD7bn provide additional financial flexibility.